Good luck, California. You'll need it.
Yet on close examination, the city's decades-long journey from prosperous, middle-class community to bankrupt, crime-ridden, foreclosure-blighted basket case is straightforward — and alarmingly similar to the path traveled by many municipalities around America's largest state. San Bernardino succumbed to a vicious circle of self-interests among city workers, local politicians and state pension overseers.
Los Angeles' housing authority, which runs on about $1 billion a year in taxpayer funds, is plagued by bad financial management that causes "questionable practices and poor decisions," according to an audit released Thursday by City Controller Wendy Greuel. . . .
A previous audit found instances of questionable spending by some agency officials, including double and triple billing for some travel and meal expenses. This audit, which looked at the agency's fiscal operations, did not uncover wrongdoing. But it did find that despite the authority's hefty budget and history of scandal going back decades, agency officials have done little to make sure money is properly managed.
Well, this will certainly be quite the example of no-holds-barred liberal governance — if I lived in California, I would be seriously reconsidering my residence right about now.
After 18 years of spending, taxing and regulating, the most resource-rich state in the Country is facing underemployment in excess of 20%, huge perennial deficits and failing schools. Sadly, the worst is yet to come.